Definitive Analysis
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Definitive Analysis

Financial Statements

Mode

Ticker

Industry

Sector

Vitreous Glass Inc. (VCI.V)

Company Dividend Discount ModelIndustry: Waste ManagementSector: Industrials

Valuation Snapshot

Stable Growth$3.21 - $4.69$3.92
Multi-Stage$4.88 - $5.32$5.10
Blended Fair Value$4.51
Current Price$5.99
Upside-24.74%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS1.18%0.00%0.400.420.330.540.300.380.340.340.000.00
YoY Growth---4.12%27.35%-40.00%83.33%-21.05%11.76%0.00%0.00%0.00%0.00%
Dividend Yield--7.41%7.15%7.78%11.90%7.49%10.40%9.46%8.86%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)2.64
(-) Cash Dividends Paid (M)2.41
(=) Cash Retained (M)0.24
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)0.530.330.20
Cash Retained (M)0.240.240.24
(-) Cash Required (M)-0.53-0.33-0.20
(=) Excess Retained (M)-0.29-0.090.04
(/) Shares Outstanding (M)6.346.346.34
(=) Excess Retained per Share-0.05-0.010.01
LTM Dividend per Share0.380.380.38
(+) Excess Retained per Share-0.05-0.010.01
(=) Adjusted Dividend0.330.360.39
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate-0.37%0.63%1.63%
Fair Value$3.21$3.92$4.69
Upside / Downside-46.47%-34.55%-21.77%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)2.642.662.682.692.712.732.81
Payout Ratio91.09%90.87%90.65%90.44%90.22%90.00%92.50%
Projected Dividends (M)2.412.422.432.442.452.452.60

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate9.99%9.99%9.99%
Growth Rate-0.37%0.63%1.63%
Year 1 PV (M)2.182.202.22
Year 2 PV (M)1.972.012.05
Year 3 PV (M)1.781.831.89
Year 4 PV (M)1.611.671.74
Year 5 PV (M)1.451.521.60
PV of Terminal Value (M)21.9623.0924.26
Equity Value (M)30.9432.3233.75
Shares Outstanding (M)6.346.346.34
Fair Value$4.88$5.10$5.32
Upside / Downside-18.57%-14.93%-11.16%

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